Jargon Buster - Definition of Trustee

is the party or parties who are given legal responsibility to settle/distribute the contents of a trust. In terms of a life insurance trust, the trustee(s) will ensure that the money paid out is distributed as per the deceased's wishes, i.e. to their nominated beneficiaries.

You can nominate more than one trustee if required to handle the trust. For a trust to be completed, a trust deed must be completed and signed by the settler (policyholder) and the trustees, all signatures by these two parties must be witnessed.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk.